The following data for adjustments were taken from the records of Czar Zion Shannon Enterprises as...

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The following data for adjustments were taken from the records of Czar Zion Shannon Enterprises as of December 31, 200B 1. Salaries of employees were unpaid, php 4,500 2. Rental collection was received in advance, php 7,600. An income account was credited. At the end of the period, php1,600 is not yet earned. 3. Paid an insurance premium amounting to php 8,000. Expense method was used. At the of the period, php 3,400 has actually expired. 4. An interest on Notes Payable was received in advance in the amunt of php 2,200. Liability account was credited. At the end of the period, php 1,800 is actually earned. 5. A purchase of supplies was debited to an Asset account, php 3,800, php 1,200 cost of supplies were actually on hand when the period ended. REQUIRED: 1. Prepare Adjusting journal entries. 2. Prepare reversing entries if deemed necessary. The following data for adjustments were taken from the records of Czar Zion Shannon Enterprises as of December 31, 200B 1. Salaries of employees were unpaid, php 4,500 2. Rental collection was received in advance, php 7,600. An income account was credited. At the end of the period, php1,600 is not yet earned. 3. Paid an insurance premium amounting to php 8,000. Expense method was used. At the of the period, php 3,400 has actually expired. 4. An interest on Notes Payable was received in advance in the amunt of php 2,200. Liability account was credited. At the end of the period, php 1,800 is actually earned. 5. A purchase of supplies was debited to an Asset account, php 3,800, php 1,200 cost of supplies were actually on hand when the period ended. REQUIRED: 1. Prepare Adjusting journal entries. 2. Prepare reversing entries if deemed necessary.

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